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Like many financial institutions in the current high interest rate environment, Northern Trust is confronting growing financing costs as tries to hold onto deposits. Northern Trust shares sank to $69.81, down more than 9%, to their lowest level since mid-July after Tyler's comments. A Northern Trust spokesperson did not immediately respond to a Reuters request for further comment. Asset and wealth managers, including Northern Trust and peer State Street Corp (STT.N), are seeing a decline in NII as customers move deposits to higher yielding alternatives. In July, Northern Trust reported that its deposits fell by 10% to $91.9 billion in the second quarter, although Tyler said on Tuesday deposits have generally stabilized.
Persons: Jason Tyler, That's, it's, Tyler, Tyler's, Chibuike Oguh, Michelle Price, Mark Potter Organizations: Northern Trust Corp, Barclays, Northern Trust, State Street Corp, Trust, Thomson Locations: New York
Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 19, 2023. RH after the closing bell on Thursday forecast third-quarter revenue of $740 million-$760 million, below the average Wall Street analyst estimate of $772.87 million according to LSEG data. RH's stock fell more than 15% to $312.95, its biggest daily drop since March 2020. Multiple analysts, including from Citigroup, UBS and Wedbush, slashed their price targets for RH's shares following the report. The median Wall Street price target for RH's shares is $340 with a current recommendation of "Hold," LSEG data showed.
Persons: Brendan McDermid, Gary Friedman, Jonathan Matuszewski, Chibuike Oguh, Lance Tupper, Mark Porter Organizations: New York Stock Exchange, REUTERS, Citigroup, UBS, Wedbush, JPMorgan, Jefferies, Thomson Locations: New York City, U.S, United States, New York
A Wall Street sign is pictured outside the New York Stock Exchange in New York, October 28, 2013. Barclays (BARC.L), Goldman Sachs (GS.N), JPMorgan Chase (JPM.N), and Mizuho Financial Group (8411.T) are the lead underwriters for the offering. Goldman Sachs, Morgan Stanley and Citigroup are lead underwriters on the offering, the company said in its filing. Its shares are expected to begin trading on the New York Stock Exchange under the ticker symbol "KVYO". Citigroup, Morgan Stanley, UBS, and Bank of America are underwriters of the IPO, according to the filing.
Persons: Carlo Allegri, T Rowe Price, Goldman Sachs, JPMorgan Chase, Instacart, Fidji Simo, confidentially, Klaviyo, Morgan Stanley, Chibuike Oguh, Lance Tupper, Michelle Price, Aurora Ellis Organizations: New York Stock Exchange, REUTERS, Arm Holdings, Japan's Softbank, U.S . Securities, Exchange Commission, SEC, Apple, Nvidia, Devices, Intel, Samsung Electronics, AMD, Samsung, Taiwan Semiconductor Manufacturing Company, Barclays, JPMorgan, Mizuho Financial Group, underwriters, Nasdaq, Norges Bank Investment Management, Norges Bank, Sequoia Capital, D1 Capital Partners, Valiant Capital Management, Facebook, Reuters, Summit Partners, Citigroup, VNG Corp, HK, Temasek, UBS, Bank of America, Thomson Locations: New York, U.S, Russia, Ukraine, Baltimore, TCV, Sequoia, Canadian, United States, Chi Minh City, Singapore
CrowdStrike shares rose as much as 10.2% to $164.41 on Thursday and was last trading at $162, up 8.59%. Okta's shares rose 17.6% to $86.50, their highest level since May. Other cybersecurity firms were also trading higher, buoyed by CrowdStrike and Okta. Multiple analysts raised their price target for the shares of CrowdStrike and Okta in reaction to the news. Austin, Texas-based CrowdStrike delivers cloud-based cybersecurity protection through its Falcon platform that is used by many large U.S. companies.
Persons: Dado Ruvic, CrowdStrike, Okta, Chibuike Oguh, Lance Tupper, Mark Porter Organizations: REUTERS, CrowdStrike Holdings, Okta Inc, Wall, Zscaler Inc, Nasdaq, Palo Alto Networks, Thomson Locations: CrowdStrike, Austin , Texas, U.S, San Francisco, New York
The company logo for Financial broker Charles Schwab is displayed at a location in the financial district in New York, U.S., March 20, 2023. REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsNEW YORK, Aug 22 (Reuters) - Shares of Charles Schwab (SCHW.N) fell by nearly 5% to a one-month low on Tuesday after the U.S. brokerage unveiled a cost-cutting plan that came with steep one-time charges. Charles Schwab announced on Monday that it planned to layoff staff and close or downsize some corporate offices to save about $500 million. But Charles Schwab is expected to incur one-time charges of up to $500 million from the cost-cutting measure, potentially dampening its profit in the second half of this year. Charles Schwab's stock fell as much as 5.3% to $56.26, the lowest level since July and the biggest one-day percentage drop since March.
Persons: Charles Schwab, Brendan McDermid, Charles Schwab's, Morningstar, Michael Wong, Chibuike Oguh, Lisa Shumaker Organizations: REUTERS, State, Northern Trust, Bank of New York Mellon, U.S . Federal Reserve, Thomson Locations: New York, U.S, Northern
NEW YORK, Aug 17 (Reuters) - Wolfspeed Inc (WOLF.N) shares plunged by nearly 21% on Thursday after analysts slashed price targets and sounded a cautious note about the chip maker's profit trends after its disappointing results. At least six brokerages cut their price targets for Wolfspeed shares after the company predicted a larger-than-expected quarterly loss after the market closed on Wednesday. Bank of America, which rates the stock "underperform," cut its price objective on the stock to $49 from $56. Wolfspeed shares were down 16.7% to $44.31 in afternoon trading. Reporting by Chibuike Oguh in New York; editing by Lewis Krauskopf and Deepa BabingtonOur Standards: The Thomson Reuters Trust Principles.
Persons: Vivek Arya, Wolfspeed, Chibuike Oguh, Lewis Krauskopf, Deepa Babington Organizations: Wolfspeed, Bank of America, Thomson Locations: Mohawk, New York
A third of Gen Zers say they feel guilty while on vacation, LinkedIn survey finds. Gen Z feels more guilty than Millennials, Gen X, and boomers about not working on holidays. Millennials and Gen Xers didn't fall far behind Gen Z on the scale of guilt. And only about half of Gen Zers surveyed by LinkedIn said they had planned a vacation this year. Luxury retail client advisor Razonie Napier told Insider that he struggles with turning off his work phone when he's on vacation.
Persons: Gen Zers, Gen Z, Gen X, Z, Gen, boomers, LinkedIn's George Anders, they're, Anders, Xers, Zers, Razonie Napier, Napier, he's Organizations: Service, United, Pew Research Center, LinkedIn Locations: Wall, Silicon, Millennials, United States
The new campaign by the group working to pass the August measure, called Protect Women Ohio, includes a $4.5 million expenditure on two new 30-second television ads, as well as $1 million on statewide radio and digital ads. The ads continue a strategy by the group to tie the Aug. 8 measure, as well as a November ballot measure that would enshrine abortion rights in the state constitution, to parental rights restrictions. Protect Women Ohio’s ads and statements also argue that the presence of ACLU of Ohio in the pro-amendment coalition is evidence of a push beyond abortion rights. The group has also, so far, committed $25 million for ads to oppose the November ballot measure. If voters pass the threshold measure in August, then the proposed abortion rights amendment in November would need 60% support from voters to pass.
Persons: , Hunter, ” Hunter, Vivina Napier, you’ll, ” Napier Organizations: Protect, NBC News, Reproductive, Ohio Constitution Locations: Ohio, Women Ohio
NEW YORK, July 31 (Reuters) - Shares of SoFi Technologies Inc (SOFI.O) rose by more than 22% on Monday, hitting highest level in more than a year, after the financial services provider reported second quarter results that beat analyst expectations. That result exceeded the average analyst estimate of $476.2 million and $261.3 million for SoFi's revenue and NII, according to Refinitiv data. SoFi's shares rose as high as $11.70, the highest level since March last year, before closing at $11.45 on Monday - a nearly 20% gain from the previous session. "(Second quarter) results beat expectations and were largely positive with continued rapid member and deposit growth," Jefferies analysts, led by John Hecht, said in an investor note. "We highlight that results were more from net interest income and less from fair value marks relative to our forecast, which represents recurring revenues," the analysts added.
Persons: John Hecht, Jefferies, Chibuike Oguh, Medha Singh, Nick Zieminski, Susan Heavey Organizations: YORK, SoFi Technologies, JPMorgan, Jefferies, Wall, Thomson Locations: San Francisco, New York, Bangalore
The move brings the BOJ more into line with other major central banks, which have been aggressively hiking rates to reduce inflation. The MSCI All Country stock index (.MIWD00000PUS), which tracks shares in nearly 50 countries, rose 0.79% to 705.65 points. U.S. Treasury yields weakened after hitting two-week highs for most maturities the previous session, with yields on benchmark 10-year Treasury notes down at 3.967% while two-year yields fell to 4.8952%. The yen whipsawed in its most volatile trading session in months following the BOJ's move while the dollar fell against a basket of its major peers. The dollar index fell 0.157%, with the euro up 0.51% to $1.1029.
Persons: Brendan McDermid, It's, Garrett Melson, We're, Melson, Brent, Chibuike Oguh Organizations: New York Stock Exchange, REUTERS, Treasury, of, Bank of Japan, U.S . Federal Reserve, European Central Bank, Commerce, Investment, Dow Jones, Nasdaq, ECB, U.S, West Texas, Thomson Locations: New York City, U.S, Boston, New York
The rate hike, which was in line market expectations, took the benchmark overnight interest rate to between 5.25% and 5.50% - the highest level since around the global financial crisis in 2007-2009. [1/3]Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 26, 2023. "Powell and the committee are taking a very data-dependent approach to future rate hikes," said Angelo Kourkafas, investment strategist at Edward Jones. U.S. Treasury yields slipped in choppy trading after the Fed's rate decision. The yield on 10-year Treasury notes was down at 3.865%, while the two-year yield, which typically reflects interest rate expectations, fell to 4.8433%.
Persons: Jerome Powell, Lamar Villere, Villere, Brendan McDermid, Powell, Angelo Kourkafas, Edward Jones, Chibuike Oguh, Sinead Carew, Chizu Nomiyama, Jonathan Oatis Organizations: YORK, Global, Federal Reserve, Fed, Villere, New York Stock Exchange, REUTERS, Nasdaq, Dow Jones, Treasury, Brent, U.S, West Texas, Thomson Locations: New Orleans, Europe, Germany, France, New York City, U.S, New York
NEW YORK, July 20 (Reuters) - Blackstone Inc (BX.N) said on Thursday its second-quarter distributable earnings slumped nearly 40%, owing to a sharp drop in asset sales mostly from its real estate and credit businesses. Distributable earnings, which represent cash used to pay dividends to shareholders, fell to $1.2 billion from nearly $2 billion a year earlier. A major share of the reduced asset disposals came from Blackstone's real estate unit, where its net profit sank 94%, while that of its credit division dropped 46%. Its private credit funds gained 3.3% while hedge fund assets grew 1.9%. Opportunistic real estate funds were flat.
Persons: Blackstone, Chibuike Oguh, Sherry Jacob, Phillips Organizations: YORK, Blackstone Inc, London Stock Exchange, Gates Industrial Corporation, Thomson Locations: New York
July 19 (Reuters) - The shares of Northern Trust (NTRS.O) jumped by more than 14% on Wednesday after the asset and wealth manager reported a smaller-than-expected drop in second quarter net interest income underpinned by higher interest rates and slower deposit losses. Analysts were, however, expecting a bigger drop in Northern Trust's quarter-on-quarter NII just like State Street. Northern Trust's shares were trading at $82.14, on track for its biggest one-day percentage gain since March 2020. Total revenue fell 1% to $1.77 billion in the quarter as Northern Trust generated fewer fees from its custodial, investment, and wealth management businesses. Northern Trust said its total assets under custody increased 5% to $14.48 trillion, while total asset management also rose 5% to $1.37 trillion.
Persons: Goldman Sachs, Alexander Blostein, NII, Sri Hari, Krishna Chandra Organizations: Northern Trust, Street Corp, Trust, Sri, Thomson Locations: Northern Trust's, Northern, Bengaluru
Analysts at Citigroup and JPMorgan both lowered their recommendations on AT&T shares in recent days. The shares hit a low of $13.68 in Monday's session, the lowest since March 1993. "We have not seen, nor have regulators identified, evidence that legacy lead-sheathed telecom cables are a leading cause of lead exposure or the cause of a public health issue,” a U.S. Telecoms spokesperson said in a statement. Shares of Verizon were also down on Monday, falling 5.5% to $32.14, a nearly 13-year low. Reporting by Chibuike Oguh in New York; Editing by Lance Tupper and Deepa BabingtonOur Standards: The Thomson Reuters Trust Principles.
Persons: Michael Rollins, Rollins, , Philip Cusick, Michael Hodel, Chibuike Oguh, Lance Tupper, Deepa Babington Organizations: YORK, T Inc, U.S, Verizon, Citigroup, JPMorgan, U.S ., Citi, U.S . Telecom, Morningstar, Thomson Locations: U.S, New York
The satellite, which was launched onboard SpaceX's Falcon Heavy rocket on April 30, is a key part of Viasat's plan to expand its broadband business in the Americas. The stock was on course for its biggest one-day percentage decline on record, surpassing a 27.7% drop in April 2001, per Refinitiv data. The company said it is working to minimize the economic impact of the faulty satellite by redeploying other satellites from its fleet. Viasat in May completed its $7.3 billion acquisition of British satellite rival Inmarsat after securing approval from European Union regulators. Viasat owns and operates four geostationary earth orbit satellites while Inmarsat has 15.
Persons: Inmarsat, Chibuike Oguh, Will Dunham Organizations: YORK, Viasat, U.S, ViaSat, European Union, Thomson Locations: Americas, California, British, New York
The U.S. Securities and Exchange Commission (SEC) had accused Ripple Labs and its current and former chief executives of selling unregistered securities when conducting a $1.3 billion offering for XRP, which was created in 2012. Shares in Coinbase, which is also embroiled in litigation with the SEC over its trading of crypto tokens, surged 24.5% on Thursday following the decision, finishing at $107. Coinbase said it would allow trading of the XRP token again on its platform in line with the court ruling. Bitcoin , the world's largest cryptocurrency, was last up 4.1% at 31,584 while Ethereum , the world's second-largest cryptocurrency, rose 6.43% to $1,993.3. Reporting by Chibuike Oguh in New York; editing by Michelle Price and Deepa BabingtonOur Standards: The Thomson Reuters Trust Principles.
Persons: Coinbase, We've, Analisa, Torres, Paul Grewal, Chibuike Oguh, Michelle Price, Deepa Babington Organizations: YORK, Coinbase Global Inc, Ripple Labs, U.S . Securities, Exchange Commission, SEC, Labs, Inc, Marathon Digital Holdings Inc, Microstrategy Inc, Mining Corp, Twitter, Thomson Locations: U.S, Coinbase, New York
Rivian said on Monday it delivered 12,640 vehicles in the second quarter on steady demand from customers, beating market estimates. That result was in line with that of market leader Tesla Inc (TSLA.O), which on Sunday reported record quarterly vehicle deliveries fueled by incentives such as prices cuts and U.S. federal credits. The shares of several EV makers have risen since last week on market expectations of strong quarterly delivery reports. Multiple analysts have raised their price targets for Rivian's stock as the EV maker is seen as having overcome production and supply chain challenges that restricted deliveries. Twenty-three Wall Street brokerages covering Rivian on average recommend buying the stock and set a median price target of $24, Refinitiv data showed.
Persons: Rivian, Chibuike Oguh, Richard Chang Organizations: YORK, Rivian Automotive, Tesla Inc, Thomson Locations: Rivian, Irvine , California, New York
Russia said on Thursday that it's obtained intact parts of a downed Storm Shadow missile. "The Storm Shadow missile, shot down by Russian forces in the Zaporizhzhia region, was brought to Moscow for study," Russian state news agency TASS reported. Describing the missile as a "trophy," TASS wrote that Russian authorities had already received the Storm Shadow parts and are inspecting them. Rogozin said Ukraine shelled the area around the downed missile and sent troops to block Russian forces from securing the Storm Shadow parts, per TASS. "The two-day operation to evacuate the captured Storm Shadow has been successfully completed," read a caption for the Telegram post.
Persons: it's, , Dmitry Rogozin, Rogozin, Storm Shadow, Ukraine —, Ben Wallace, Ursula von der Leyen, Elliot Napier Organizations: Storm Shadow, Service, Russia, Storm, TASS, Telegram, intel, UK Ministry of Defense, Russia's Ministry of Defense, European Commission, Ukraine's Ministry of Defense Locations: Russia, Russian, Zaporizhzhia, Moscow, British, Ukraine, Kyiv
Cboe on Friday refilled an application with the U.S. Securities and Exchange Commission (SEC) to launch a bitcoin exchange-traded fund by asset manager Fidelity. In that filing it named Coinbase as the crypto platform that would help the exchange police manipulation in the ETF. The SEC had also raised the same concerns with Nasdaq (NDAQ.O) over a similar recent filing for a spot bitcoin ETF from BlackRock (BLK.N), the person said. The SEC has rejected dozens of spot bitcoin ETF applications in recent years, saying they did not meet the standards designed to prevent fraudulent and manipulative practices and protect investors. Bitcoin , the world's largest cryptocurrency, jumped to a more than one-year high last month after BlackRock (BLK.N) and Fidelity filed to launch bitcoin ETFs.
Persons: Cboe, Bitcoin, Coinbase, Chibuike Oguh, Michelle Price, Conor Humphries Organizations: YORK, U.S . Securities, Exchange Commission, SEC, Fidelity, Reuters, Nasdaq, BlackRock, Thomson Locations: U.S, BlackRock, New York
SL Green announced on Monday that it had sold the building at 245 Park Avenue to a U.S. subsidiary of Japanese real estate developer Mori Trust Co Ltd at a $2 billion valuation, sending its stock up nearly 20%. The transaction is a "significant milestone" for SL Green given that it represents nearly half of the planned asset sales for 2023 and more than covers the company's share of redevelopment costs, said BTIG analysts, who reiterated their "buy" rating. Analysts at Scotiabank, who rate SLG a "sector underperform", hiked their price target for the company's shares, calling the transaction "positive." SL Green's stock jumped 11% on Tuesday to a high of $31.35 per share. SL Green took control of 245 Park Avenue last year after lenders seized the building from HNA Group.
Persons: Angelo Gordon, Chibuike Oguh, Lisa Shumaker Organizations: YORK, Green Realty, SL Green, Mori Trust, Barclays, Green, Scotiabank, Grand, Ares Management, Societe Generale, HNA Group, Thomson Locations: New York City, U.S, Manhattan, New York
SL Green Realty said it sold the building at 245 Park Avenue, which has 1.8 million-square-foot of office space, to a U.S. affiliate of Japanese real estate developer Mori Trust Co Ltd. Its sale represents a slight discount to the $2.21 billion that China's HNA Group paid to acquire the building in 2017 when New York City's commercial real estate market was at its peak. SL Green took control of 245 Park Avenue last year after lenders seized the building from HNA Group. Jesse Keenan, sustainable real estate professor at Tulane University, said the transaction is a speculative investment that suggests the deep downturn in the New York commercial real estate market may have bottomed out. SL Green Realty was the biggest gainer among listed REITs, leading its peers Vornado Realty Trust (VNO.N), Office Properties Income Trust (OPI.O), and Boston Properties Inc (BXP.N).
Persons: Kohn Pedersen Fox, Angelo Gordon, Jesse Keenan, Keenan, Vornado, Chibuike Oguh, Herbert Lash, Lisa Shumaker, Lance Tupper, Michelle Price Organizations: YORK, SL Green Realty Corp, Big, SL Green Realty, Mori Trust, Kohn Pedersen Fox Associates, Grand, Ares Management, Societe Generale, HNA, Green, HNA Group, Tulane University, New York, Green Realty, Vornado Realty, Income, Boston Properties Inc, Thomson Locations: New York City, U.S, Manhattan, New York
NEW YORK, June 20 (Reuters) - Savers Value Village (SVV.N) said on Tuesday it aims to raise up to nearly $320 million for an initial public offering that would value the U.S. thrift store operator at about $2.7 billion. Savers Value Village, owned by private equity firm Ares Management Corp (ARES.N), plans to sell up to 18.8 million shares at $15 to $17 apiece, regulatory filings showed. Based in Bellevue, Washington, Savers Value Village is one of the largest retailers of secondhand clothing, books, toys, shoes and household goods, with 317 stores in the United States and Canada. Revenue totaled $1.44 billion in 2022, up 19% from the prior year, while net income was flat at $84.7 million. Ares Management will retain an 88% stake in Savers Value Village after the IPO.
Persons: Morgan, Jefferies, Goldman Sachs, Chibuike Oguh, Lance Tupper, Richard Chang Organizations: YORK, Energy, Kodiak Gas Services, reinsurer Fidelis Insurance Holdings, Ares Management Corp, Revenue, Management, Canada's, Norges, Investment Management, J.P, UBS, underwriters, New York Stock Exchange, Thomson Locations: Cava, Bellevue , Washington, United States, Canada, Canada's Ontario, New York
NEW YORK, June 15 (Reuters) - Microsoft Corp (MSFT.O) shares are on course for a new record high close on Thursday as market optimism about the prospects of artificial intelligence (AI) has helped buoy the technology giant to a valuation of nearly $2.6 trillion. The stock, which has gained more than 45% in the year to date, reached its prior record close of $343.11 on Nov. 19 2021. J.P. Morgan analysts raised their price targets on Microsoft's stock on Thursday, citing AI driving demand for the company's products. Of the 53 analysts covering Microsoft, 44 recommended buying the shares and the median price target is $340, according to Refinitiv data. Reporting by Chibuike Oguh in New York; editing by Lance Tupper and Jonathan OatisOur Standards: The Thomson Reuters Trust Principles.
Persons: J.P, Morgan, JP Morgan, Chibuike Oguh, Lance Tupper, Jonathan Oatis Organizations: YORK, Microsoft Corp, Microsoft, Google, Thomson Locations: OpenAI, San Francisco, New York
NEW YORK, June 15 (Reuters) - Microsoft Corp (MSFT.O) shares rose to a new record high close on Thursday as market optimism about the prospects of artificial intelligence (AI) has helped buoy the technology giant to a record market capitalization of $2.59 trillion. The stock, which has gained more than 45% in the year to date, reached its prior record close of $343.11 on Nov. 19, 2021. The stock's intraday record high was $349.67 on Nov. 22, 2021. In addition, Apple Inc (AAPL.O) shares also achieved a record high close of $186.01 on Thursday, while shares of graphics chipmaker Nvidia (NVDA.O) set a fresh intraday record of $432.89. Of the 53 analysts covering Microsoft, 44 recommended buying the shares and the median price target is $340, according to Refinitiv data.
Persons: Chibuike Oguh, Lance Tupper, Jonathan Oatis Organizations: YORK, Microsoft Corp, Microsoft, Google, Apple Inc, JPMorgan, Thomson Locations: OpenAI, San Francisco, New York
The growth in bookings is largely driven by pent-up demand from loyal customers returning to taking summer vacations and other leisure travel, said the analysts. JPMorgan upgraded Carnival shares to "overweight", while Bank of America raised its rating on the stock to "buy", and the analysts raised their price targets on all the three cruise companies. Carnival shares rose 14% to a more than 1-year high in early trading on Monday while Norwegian Cruise gained nearly 8%. The S&P 500 Hotels Resorts & Cruise Lines Sub-Industry Index was up 0.9% led by gains in cruise stocks. Commercial airline shares were also making gains on Monday amid falling crude oil prices and growth in demand for seats.
Persons: Chibuike Oguh, Granth Vanaik, Stephen Culp, Lance Tupper, David Gregorio Our Organizations: YORK, Carnival Corp, Cruise Line Holdings, JPMorgan, Bank of America Global Research, Carnival, Royal Caribbean Cruises, Bank of America, Norwegian Cruise, Royal, Hotels Resorts, Cruise, Southwest Airlines, Hawaiian Holdings, American Airlines, Thomson Locations: Royal Caribbean, New York
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